Tejon Ranch Co (TRC) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Tejon Ranch Company first-quarter 2026 earnings call. (Operator Instructions) Please note that this event is being recorded. I will now hand you over to Nick Ortiz. Please go ahead.

各位女士、先生，下午好，歡迎參加 Tejon Ranch Company 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。現在我將把電話交給 Nick Ortiz。請開始。

Good afternoon, and welcome to the Tejon Ranch Company's first-quarter 2026 earnings call. My name is Nick Ortiz. Joining me today are Matt Walker, President and CEO; and Robert Velasquez, Senior Vice President and Chief Financial Officer. Today's press release, 10-Q and this webcast are available on our Investor Relations website. A replay will be posted after we conclude. That site is ir.tejonranch.com.

各位下午好，歡迎參加 Tejon Ranch Company 2026 年第一季財報電話會議。我是 Nick Ortiz。今天與我一同出席的有總裁暨執行長 Matt Walker，以及資深副總裁兼財務長 Robert Velasquez。今日新聞稿、10-Q 與本次網路直播可於我們的投資人關係網站取得。會議結束後將提供重播。網站為 ir.tejonranch.com。

Today's remarks may include forward-looking statements. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. These factors are detailed in our SEC filings, including our most recent Forms 10-Q and 10-K. We assume no obligation to update any forward-looking statements. We may reference non-GAAP measures. These measures should be considered in addition to, not as a substitute for GAAP results.

今天的發言可能包含前瞻性陳述。此等陳述係依據 1995 年《私人證券訴訟改革法案》的安全港條款作出，並受可能導致實際結果出現重大差異之風險與不確定性影響。相關因素已於我們向 SEC 提交的文件中詳述，包括最近期的 10-Q 與 10-K。我們不承擔更新任何前瞻性陳述之義務。我們可能會提及非 GAAP 指標。此等指標應與 GAAP 結果一併考量，而非用以取代 GAAP 結果。

Reconciliations to the most directly comparable GAAP measures and reasons why we use non-GAAP are included in today's filings and are posted on our website, again, ir.tejonranch.com. After prepared remarks, we'll address questions. Shareholders were invited to submit questions by e-mail in advance.

與最直接可比之 GAAP 指標的調節表，以及我們使用非 GAAP 指標的原因，已包含於今日的申報文件中，並張貼於我們的網站（同樣是 ir.tejonranch.com）。在預備發言後，我們將回答問題。股東已受邀於會前以電子郵件提交問題。

Now I'll turn the call over to Matt Walker.

現在我把電話交給 Matt Walker。

Thank you, Nick. Good afternoon, and thank you all for joining us. Today, I'm going to share my perspective on recent performance, then turn it over to our CFO, Robert Velasquez, who will cover our financials, and then we will answer questions from shareholders. Let me start off by saying we had a good first quarter. Revenues were up 16% from the first quarter of 2025, while operating costs were down 14%, including a $2.4 million reduction in corporate costs.

謝謝你，Nick。各位下午好，感謝大家加入我們。今天我將分享我對近期表現的觀點，接著交由我們的財務長 Robert Velasquez 說明財務狀況，然後我們將回答股東的提問。首先我要說，我們第一季表現不錯。營收較 2025 年第一季成長 16%，而營運成本下降 14%，其中包含公司費用減少 240 萬美元。

As a result, net income was up $1.6 million and adjusted EBITDA was up $3.1 million with a 12-month trailing adjusted EBITDA of $27.2 million. Looking at adjusted EBITDA by segment on a 12-month trailing basis, Commercial real estate contributed $7.5 million, reflecting steady performance from our income-producing portfolio. Mineral Resources delivered $4.8 million, supported by the strength in water sales and farming contributed $2.2 million. Branch operations added approximately $1 million, benefiting from the increased membership activity. The headline number there is the $2.4 million reduction in corporate expenses, driven by lower headcount and the absence of proxy defense costs.

因此，淨利增加 160 萬美元，調整後 EBITDA 增加 310 萬美元，過去 12 個月的追蹤調整後 EBITDA 為 2,720 萬美元。以過去 12 個月追蹤基礎來看各事業部門的調整後 EBITDA，商用不動產貢獻 750 萬美元，反映我們收益型資產組合的穩健表現。礦產資源貢獻 480 萬美元，受惠於強勁的售水表現；農業貢獻 220 萬美元。分支營運約增加 100 萬美元，受益於會員活動增加。最重要的數字是公司費用減少 240 萬美元，主要由於人力編制降低以及不再發生委託書爭奪（proxy defense）成本。

Our first quarter results demonstrate our continued progress against our strategic goals over the past year, in particular, driving stronger cash flows. At the Tejon Ranch Commerce Center, we are especially pleased to report the groundbreaking of a new 510,000 square foot Class A industrial facility developed in partnership with Dedeaux Properties. TRCC is the nucleus of our growth, so we are excited to be moving forward, leveraging our land and our balance sheet to develop an income-producing property, which we expect to complete in the first quarter of next year. With our 2.8 million square foot TRCC industrial portfolio 100% leased, this project further capitalizes on the demand we continue to see along the I-5 corridor. In addition, as of the end of the quarter, our commercial and retail portfolio was 95% leased and the outlet to Tejon was 92% occupied.

我們第一季的結果顯示，過去一年我們持續朝策略目標推進，特別是在帶動更強勁的現金流方面。在 Tejon Ranch Commerce Center（TRCC），我們尤其高興報告：與 Dedeaux Properties 合作開發的一座全新 510,000 平方英尺 A 級工業設施已正式動工。TRCC 是我們成長的核心，因此我們很興奮能夠持續推進，運用我們的土地與資產負債表來開發可產生收益的資產，預期將於明年第一季完工。由於我們 280 萬平方英尺的 TRCC 工業資產組合已 100% 出租，本案將進一步把握我們在 I-5 走廊持續看到的需求。此外，截至本季末，我們的商用與零售資產組合出租率為 95%，Outlets at Tejon 的進駐率為 92%。

Terra Vista with 228 units now delivered, ended the quarter 71% leased and is on track for phase one to be stabilized this summer. TRCC's momentum is accelerating. Outlet traffic was up 22% and sales were up nearly 12% in the first quarter compared to last year, with similar gains at our TA Petro Travel Center. We're seeing that the lease-up of Terra Vista and the opening of Hard Rock Casino Tejon are driving greater commercial activity across the center.

Terra Vista 目前已交付 228 戶，本季末出租率為 71%，並按計畫於今年夏季達到第一期穩定（stabilized）。TRCC 的動能正在加速。與去年相比，第一季 outlet 人流成長 22%，銷售額成長近 12%，我們的 TA Petro 旅遊中心亦有類似增幅。我們看到 Terra Vista 的出租進度以及 Hard Rock Casino Tejon 的開幕，正帶動園區整體更高的商業活動。

As we approach our annual meeting next week, I'm looking forward to opening our dates to you and sharing more about the progress we've made and where we're headed. The meeting will be held on site at the ranch with options for virtual attendance. Registration details are in the proxy statement. We hope to see you there. I also want to thank our shareholders for their continued engagement and our Board for their leadership over the past year.

隨著下週我們即將召開年度股東會，我期待能在會中向各位開放交流並分享我們已取得的進展與未來方向。會議將在牧場現場舉行，並提供線上參與選項。報名細節載於委託書說明書（proxy statement）。希望能與各位相見。我也要感謝股東持續的參與，以及董事會在過去一年所展現的領導。

With that, I'll turn the call over to our Chief Financial Officer, Robert Velasquez, to walk through the financials. Robert?

接下來我把電話交給我們的財務長 Robert Velasquez，帶大家回顧財務表現。Robert？

Thank you, Matt, and good afternoon, everyone. I will begin with a review of our first quarter results, provide some additional detail on segment performance and then summarize our current liquidity. For the first quarter of 2026, revenues and other income, including equity and earnings from unconsolidated joint ventures increased 13% to $10.8 million compared to $9.6 million in the same quarter last year. Turning to segment performance. Commercial and industrial real estate generated $2.8 million in revenue for the quarter, in line with the prior year period.

謝謝你，Matt，各位下午好。我將先回顧第一季業績，提供各事業部門表現的更多細節，最後總結我們目前的流動性狀況。2026 年第一季，營收及其他收入（包含未合併合資企業的權益法投資收益）較去年同期成長 13%，至 1,080 萬美元，去年同期為 960 萬美元。接著看各部門表現：商用與工業不動產本季營收為 280 萬美元，與去年同期相當。

Operationally, the portfolio remains strong. Equity and earnings from unconsolidated joint ventures totaled $1.3 million in the first quarter compared to $1.2 million in the prior year period, reflecting continued earnings growth despite diesel fuel margin pressure within our TA Petro joint venture. Farming segment revenues were approximately $900,000 in the first quarter of 2026 compared to $1.6 million in the same quarter last year. The year-over-year decline was due to lower carryover crop available for sale as we strategically accelerate sales of carryover inventory last quarter to capitalize on stronger-than-anticipated pricing.

在營運面，資產組合仍然強勁。未合併合資企業的權益法投資收益第一季合計 130 萬美元，去年同期為 120 萬美元；儘管我們 TA Petro 合資企業的柴油燃料毛利承壓，仍反映持續的獲利成長。農業部門 2026 年第一季營收約 90 萬美元，去年同期為 160 萬美元。年減主因為可供出售的結轉作物（carryover crop）較少，因我們在上一季策略性加速出售結轉庫存，以把握優於預期的價格。

In addition, we planted 150 new acres of wins in April on top of the 150 acres planted in 2025 as part of our ongoing crop diversification strategy. Mineral resource revenues increased 36% to $3.5 million in the first quarter of 2026, with segment operating profit more than doubling to $1 million. Year-over-year improvement was driven primarily by opportunistic water sales executed during the quarter. Underlying royalty streams across rock and aggregate, cement and oil and gas continued to contribute stable cash flows during the quarter.

此外，作為我們持續推動作物多元化策略的一部分，我們於 4 月新增種植 150 英畝的葡萄藤（vines），加上 2025 年已種植的 150 英畝。礦產資源部門營收在 2026 年第一季成長 36% 至 350 萬美元，部門營業利益更是倍增以上至 100 萬美元。年增主要由於本季把握時機執行的售水交易所帶動。岩石與骨材、水泥以及油氣等基礎權利金收入來源，在本季持續貢獻穩定的現金流。

Turning to liquidity. I'll look at the balance sheet. As of March 31, 2026, cash and marketable securities totaled approximately $19.4 million. Available capacity on our revolving credit facility was approximately $64.6 million. Total liquidity was therefore approximately $86 million. We believe our liquidity position provides sufficient flexibility to continue advancing development initiatives while maintaining balance sheet discipline.

接著談流動性，我們看資產負債表。截至 2026 年 3 月 31 日，現金及有價證券合計約 1,940 萬美元。我們循環信用額度（revolving credit facility）的可用額度約為 6,460 萬美元。因此總流動性約為 8,600 萬美元。我們認為目前的流動性部位，足以在維持資產負債表紀律的同時，持續推進開發計畫並保有彈性。

With that overview, I'll turn it back to Matt.

以上為概述，我把電話交回給 Matt。

Thanks, Robert. In summary, the first quarter marked a solid start to the year for us. We returned to profitability, demonstrated the value of our diversified business model and continued executing on our long-term strategic initiatives. Looking ahead, we remain focused on several key priorities, including the successful lease-up of Terra Vista, maintaining momentum at TRCC as a premier logistics and distribution hub and leveraging our diversified revenue base to deliver consistent results.

謝謝你，Robert。總結來說，第一季為我們今年打下穩健的開局。我們恢復獲利，展現多元化商業模式的價值，並持續執行長期策略計畫。展望未來，我們仍聚焦於幾項關鍵優先事項，包括 Terra Vista 的順利出租、維持 TRCC 作為頂尖物流與配送樞紐的動能，以及運用多元化的收入基礎以交付一致的成果。

With that, we will now respond to the questions that have been submitted. Please just give us a moment to get those pulled up.

接下來，我們將回覆已提交的問題。請稍候片刻，讓我們把問題調出來。

We have received questions from shareholders. I'll start by reading the person who submitted the question and the question itself before turning it over to Matt.

我們已收到股東的提問。我會先念出提問者以及問題內容，然後再交由 Matt 回答。

So our first question comes from Justin Levo. Matt, thank you for this call, and we greatly appreciate your efforts to date. In prior calls and presentations, the company cited Five Point Holdings as a positive example of the long-term master planned community entitlement and development strategy.

第一個問題來自 Justin Levo。Matt，感謝這次電話會議，我們非常感謝你迄今所做的努力。在先前的電話會議與簡報中，公司曾引用 Five Point Holdings 作為長期大型總體規劃社區（master planned community, MPC）取得開發許可（entitlement）與開發策略的正面案例。

As I am sure you know, it took five years to get their Valencia MPC across the line. Valencia has been selling lots for a few years now, yet Five Point stock is significantly lower than it was prior to Valencia's development. Overall, Five Point has been a terrible long-term investment for shareholders, and they've developed some of their NPC projects using the JV structure touted by management. Five Point stock is down 60% over the past 10 years. Howard Hughes is another publicly traded NPC developer, which has also been a terrible long-term investment for shareholders.

如你所知，他們花了五年才讓 Valencia MPC 項目獲得核准並順利推進。Valencia 已經賣地塊（lots）好幾年了，但 Five Point 的股價卻明顯低於 Valencia 開發前的水準。整體而言，Five Point 對股東來說一直是非常糟糕的長期投資，而且他們也以管理層所推崇的合資（JV）架構開發了部分 NPC 專案。過去 10 年 Five Point 股價下跌 60%。Howard Hughes 是另一家上市的 NPC 開發商，對股東而言同樣是非常糟糕的長期投資。

Their stock is down 35% over the past 10 years. How are these two examples not indictment on the publicly traded master planned community development model? And how can you expect shareholders to buy into the idea of continuing to pursue Mountain Village and Centennial and continue to absorb the millions of costs related to these assets? Knowing that even if we are able to get these assets across the finish line, the market will not reward this business model or the future cash flows generated by these assets of the question.

他們的股價在過去 10 年下跌了 35%。這兩個例子怎麼不算是對上市公司「總體規劃社區（master planned community, MPC）」開發模式的控訴？而且，您怎麼能期待股東認同繼續推進 Mountain Village 與 Centennial，並持續吸收與這些資產相關的數百萬成本？要知道，即使我們能把這些資產推到終點，市場也不會獎勵這種商業模式，或是對這些資產所產生的未來現金流給予正面評價。以上是問題。

Justin, thanks for your question. This is a humbling job. I thought a lot about some of the comments that I made during last quarter's call with respect to the public master planned community companies. And I'd like to refine my thoughts to some extent. You're right in a lot of what you said in as much as the fact of the fact in terms of investment returns.

Justin，謝謝你的提問。這份工作讓人保持謙卑。我對上季電話會議中，關於上市總體規劃社區公司的某些評論想了很多，我想在某種程度上修正我的看法。就投資報酬而言，你說的很多部分是對的，確實如此。

I don't believe that a joint venture structure is what's driving the other companies' poor performances. For us, I do believe that JVs are a positive tool because they allow us to monetize our land by contributing it to a joint venture while leveraging our partners' capital so that we can preserve cash. And that applies to our strategy on income-producing properties such as the new industrial building that we've just taken underway or for our MPCs. There are many lessons to be learned from looking at other companies, including things that we would do differently. What I can tell you is that I'm very much aware of the issues related to master planned community development, such as the lengthy duration and the capital requirements and the capital reinvestment on top of market cyclicality.

我不認為合資（JV）架構是導致其他公司表現不佳的原因。對我們而言，我確實認為合資是正面的工具，因為它讓我們能把土地投入合資以實現土地變現，同時運用合作夥伴的資本來保留現金。這也適用於我們在收益型資產上的策略，例如我們剛開始推進的新工業建築，或是我們的 MPC。從觀察其他公司可以學到很多教訓，包括有些事情我們會採取不同做法。我可以告訴你的是，我非常清楚總體規劃社區開發所涉及的問題，例如開發週期很長、資本需求與再投入，以及市場週期性波動。

But I also see the opportunity with the MOIC and with recurring cash flow. So for me, the takeaway is if we're going to pursue master planned community development as a public company, we need to do it in certain ways that might be different than how a private developer would approach.

但我也看到了在 MOIC（投資倍數）以及經常性現金流方面的機會。因此，對我而言的重點是：如果我們要以一家上市公司的身分推進總體規劃社區開發，我們必須以某些方式來做，這些方式可能會不同於私人開發商的做法。

Our next question is from David Spear. Matt, thank you for this call and your continued efforts. According to the trailing 12-month EBITDA table in the release, the company's JV investments, commercial real estate operations and Mineral Resource segment generate $33 million of EBITDA and $26 million of cash flow. These are passive investments in operations that investors typically ascribe immense value to as they can be managed at low costs while generating high returns on invested capital. Companies with similar passive operations such as Landbridge and Texas Pacific Land Trust trade at EV/EBITDA multiples over 30x and have multiple billion-dollar market caps.

下一個問題來自 David Spear。Matt，感謝這通電話以及你持續的努力。根據新聞稿中過去 12 個月（trailing 12-month）的 EBITDA 表，公司在合資投資、商用不動產營運以及礦產資源部門合計產生 3,300 萬美元 EBITDA 與 2,600 萬美元現金流。這些屬於被動式投資與營運，投資人通常會給予極高估值，因為它們可以用低成本管理，同時創造高投入資本報酬率。具有類似被動式營運的公司，例如 Landbridge 與 Texas Pacific Land Trust，其 EV/EBITDA 倍數超過 30 倍，市值也達數十億美元。

Companies with smaller market caps such as Aztec Land Company and (inaudible) Land Association trade at even higher multiples. These have also been highly successful investments for shareholders.

市值較小的公司，例如 Aztec Land Company 與（聽不清）Land Association，交易倍數甚至更高。這些也都為股東帶來非常成功的投資成果。

Applying 25x to 30x EBITDA multiple would result in a valuation between $800 million to $1 billion for just our income-producing assets. How can we justify pursuing master planned development projects when one could argue that selling them and focusing on our more highly valued assets and operations would result in a stock price that is 3 to 4x the current price? How can we ignore this passive capital-light option, especially considering the real estate development model has historically been punished by the stock market? That's the end of the question.

若以 25 倍到 30 倍的 EBITDA 倍數計算，僅我們的收益型資產估值就會落在 8 億到 10 億美元之間。當有人可以主張：把這些總體規劃開發專案賣掉，並專注於我們估值更高的資產與營運，股價就可能是目前的 3 到 4 倍時，我們要如何合理化仍去推進總體規劃開發專案？尤其考量到不動產開發模式在歷史上一直被股市懲罰，我們怎麼能忽視這種被動、輕資本的選項？問題到此。

Okay. Thanks.

好的。謝謝。

Thanks, David. Good comments. You cited some great companies with good business models, and they performed really well in the market. I was planning to cover some of your topics at next week's Annual Shareholder Meeting, but let me give it a shot right now. You're right.

謝謝你，David。很好的評論。你提到了一些商業模式很好的優秀公司，而且它們在市場上的表現確實非常好。我原本打算在下週的年度股東大會上涵蓋你提到的一些主題，但我現在先嘗試回答。你說得沒錯。

Tejon Ranch Company has several business lines and segments that generate significant EBITDA through passive investments. And those businesses share many similarities with the companies that you've mentioned, all of which we've looked at to try to better understand. I should also note that there are certain characteristics of our land that are different than the land owned by the companies that you mentioned. but we also have plenty of opportunity as well. And I'm focused on growing this asset-light part of the business, as you mentioned.

Tejon Ranch Company 有多條業務線與部門，透過被動式投資產生可觀的 EBITDA。這些業務與你提到的公司有許多相似之處，我們也都研究過，以便更好地理解。我也要指出，我們的土地在某些特性上與你提到那些公司所擁有的土地不同，但我們同樣也有很多機會。正如你所說，我的重點是擴大這個輕資產的業務部分。

I'd rather place an aspirational multiple on some more conservative assumptions, but I think I understand your math. I might also add that our new industrial building is entirely consistent with the strategy that you're advocating and specifically that our JV structure allows us to earn an extremely high MOIC, especially when you look on our multiple on net invested cash. Nonetheless, we continue to believe that there's an immense amount of value to be earned from placing our master planned community project in development. And as I've reported before, this requires external capital, which I committed to shareholders last November that I would seek out, and we're going through that process over the next several quarters.

我寧可在較保守的假設之上給出一個具企圖心的倍數，但我理解你的計算方式。我也補充一點：我們新的工業建築完全符合你所倡議的策略；而且我們的合資架構讓我們能獲得極高的 MOIC，特別是當你看我們以淨投入現金計算的倍數時。儘管如此，我們仍然相信，把我們的總體規劃社區專案推進到開發階段，能創造極其可觀的價值。正如我之前所報告的，這需要外部資本；我在去年 11 月向股東承諾會去尋找外部資本，而我們將在接下來幾個季度推進這個流程。

Our next question is from David Ross. We applaud the considerable improvements in the cost structure of the company and this effort is appreciated. Yet even with these changes, the company generated just $200,000 or $0.01 per share of earnings. If you add back the interest expense that the company continues to capitalize, GRC is still losing money each quarter and generating negative free cash flow. Given the amount of recurring passive income, we cannot build shareholder value while continuing the non-income-producing costs that are tied to the Mountain Village and Centennial development.

下一個問題來自 David Ross。我們肯定公司在成本結構上的顯著改善，並感謝這項努力。然而，即使有這些改變，公司也只產生 20 萬美元、或每股 0.01 美元的盈餘。如果把公司仍在資本化的利息費用加回去，GRC 每季仍在虧損並產生負的自由現金流。鑑於有相當多的經常性被動收入，我們無法在持續承擔與 Mountain Village 與 Centennial 開發相關、且不產生收入的成本之下，建立股東價值。

These assets generate no income and will require hundreds of millions of future capital investment to eventually generate income. Developing these assets will prevent the company from being able to return capital back to shareholders for at least another decade.

這些資產不產生任何收入，且未來將需要數億美元的資本投入，才能最終產生收入。開發這些資產將使公司至少在未來十年內無法把資本返還給股東。

If we are focused on shareholder value and long-term share price appreciation, how can you justify holding on to these assets and pursuing the same build strategy? I think we can agree that the strategy has not worked for the last 30 years. On an adjusted basis, farming EBITDA was $185,000. But every year, the company continues to invest in CapEx towards the farming operation. While we understand the nature of fixed water obligations, this is still a cash expense.

如果我們聚焦於股東價值與長期股價增值，你要如何合理化繼續持有這些資產並採取相同的開發策略？我想我們可以同意，這個策略在過去 30 年並未奏效。以調整後口徑計算，農業 EBITDA 為 18.5 萬美元。但公司每年仍持續對農業營運投入資本支出（CapEx）。雖然我們理解固定用水義務的性質，但這仍然是現金支出。

The farming operation continues to cost shareholders millions per year while factoring in PP&E CapEx and water. Why would we continue to accept these losses? Is there no better alternative for shareholders? The two questions point to the issue of capital allocation. We have been subsidizing these dream projects for decades. At what point does the leadership at TRC consider shareholder return on capital?

若把不動產、廠房及設備（PP&E）資本支出與用水成本納入考量，農業營運每年仍讓股東付出數百萬美元。為什麼我們要繼續接受這些虧損？對股東而言難道沒有更好的替代方案嗎？這兩個問題都指向資本配置的議題。我們數十年來一直在補貼這些夢想專案。TRC 的領導團隊究竟要到什麼時候才會考量股東的資本報酬？

So David, there's a lot there to consider. You've seen me present an economic case for farming in which we back out the cost of water, which we think is the right way to look at the business given our water contracts, which will ultimately support our residential and commercial development. And if you look at the remaining adjusted EBITDA, excluding the water holding cost, the picture for farming is more positive. There are also a lot of ancillary benefits that the company receives from our farming, water is part of it, access to debt capital is another. With that said, we're taking an objective look at our farming business and its ongoing capital allocation.

David，你提出了很多值得思考的點。你看過我對農業提出的經濟論證：我們把用水成本扣除，因為考量到我們的用水合約（最終將支撐我們的住宅與商業開發），我們認為這才是看待該業務的正確方式。如果你看扣除持有用水成本後的剩餘調整後 EBITDA，農業的情況會更正面。此外，公司從農業也獲得許多附帶效益，用水是其中之一，取得債務資本的能力是另一個。話雖如此，我們正在以客觀角度檢視農業業務及其持續的資本配置。

With respect to your other comments and questions, I tried to provide an explanation of that when I was addressing Justin and David's earlier questions on the same topic. Right now, we're continuing to pursue our business plan, as I've discussed, but we will consider all alternatives and look to remain flexible going forward.

至於你其他的評論與問題，我在回應 Justin 與 David 先前同一主題的提問時，已嘗試提供說明。目前我們仍會如我所述持續推進既定的商業計畫，但我們也會考慮所有替代方案，並在未來保持彈性。

Nick, do you have any other questions?

Nick，你還有其他問題嗎？

That concludes our questions.

提問到此結束。

Great. Thanks.

很好。謝謝。

All right. Thank you very much for joining us. Operator, you can conclude the call.

好的。非常感謝各位加入。接線員，您可以結束本次電話會議。

Thank you, sir. Ladies and gentlemen, that concludes today's event. Thank you for attending, and you may now disconnect your lines.

謝謝您，先生。各位女士、先生，今天的活動到此結束。感謝各位出席，現在您可以掛斷電話線。